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Shared ownership rent

If you live in a shared ownership home, find out more about how your rent is calculated below.

Where does my rent go?

Your rent covers the costs of repaying money we have borrowed to buy or build your home, salaries, investment for future homes and providing services.

Further information:

 

  • Rent for shared ownership properties is calculated based on a formula which will be written in your lease.

    The exact formula can vary depending on the specific details of your lease so refer to your own document for further information.

    Any increases to shared ownership rents are usually based on a combination of the Retail Price Index (RPI ) and a percentage detailed in your lease (see your lease for further details).

  • Depending on your lease, your rent is typically reviewed either on 1st April or 1st October (see your lease for further details). Some leases provide a rent review every two years.

  • We will give you at least 1 month’s notice of any change to your rent.

  • Talk to us - we will need to understand why you don’t agree with your new rent charges in case there has been an error.

    If we can’t reach an agreement, we would recommend talking to the Citizen Advice Bureau or an independent solicitor. You will need to provide a copy of your lease.

  • No. If you pay your rent by direct debit, we will arrange for the direct debit amount to be changed accordingly.

  • Your rent covers the costs of repaying money we have borrowed to buy or build your home, salaries, investment for future homes and providing services.

  • Paying your rent is one of the most important payments you will need to make whilst you’re living in your home.

    If you ever fall behind with your rent, don’t shy away. It’s important that you tell us first. We’re not here to hound you for money you may owe; we’re here to help you, to help find a solution and to help you get back on track. If you're struggling to pay your rent, call us on 0330 1234 034 straight away.

    Once we discussed your finances, we will make an arrangement on how much you can pay towards your rent and to help clear the arrears you have. Think of it as an action plan. We may arrange for one of our Money Advisors to talk to you – particularly if you are finding it hard to cope financially or have multiple debts.

    You can also get advice from different external agencies, such as Citizens Advice Bureau, Turn To Us or the Money Advice Service. For more information, visit:http://www.bromford.co.uk/my-bromford-account/my-payment/struggling-to-pay-your-rent/